Modine Announces Strategic Partnership for Pompano Beach, FL Coatings Business
Partnership marks important step in Coatings growth strategy
RACINE, Wis., Sept. 13, 2021
RACINE, Wis., Sept. 13, 2021 /PRNewswire/ -- Modine Manufacturing Company (NYSE: MOD or the "Company"), a diversified global leader in thermal management technology and solutions, today announced that it has entered into a strategic partnership and license agreement with Advancoat LLC, an engineering company dedicated to providing corrosion protection and indoor air quality solutions for the HVAC/R industry located in Pompano Beach, FL. This agreement allows Advancoat to provide Insitu® coatings services to the South Florida market.
As part of this agreement, Modine will close its Pompano Beach, FL facility. This decision is in line with the Company's strategy to grow its coatings business by entering into strategic licensing agreements with high quality partners. This strategy will allow for the geographic expansion of the delivery of coatings products and services, while allowing internal resources to focus on new product development and overall channel management.
"This is an important and timely step in our global Coatings growth strategy," said Mike Powell, Vice President of Modine CIS Coatings. "Partnering with a well-established firm like Advancoat ensures that all of our South Florida customers will continue to have uninterrupted access to the Insitu® corrosion protection products and to receive the high quality coating services they have come to expect. In addition, Modine will continue to manage our important OEM national account customer through our licensee network."
This announcement follows a very active period in Modine licensee growth, which has resulted in more than 90 licensed applicators in the Americas region. Parties interested in being reviewed for acceptance into the Modine Coatings licensee network should go to https://www.modinecoatings.com/become-an-applicator/.
Modine, with fiscal 2021 revenues of $1.8 billion, specializes in thermal management systems and components, bringing highly engineered heating and cooling components, original equipment products, and systems to diversified global markets through its four complementary segments: BHVAC, CIS, HDE, and Automotive. Modine is a global company headquartered in Racine, Wisconsin (USA), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.
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SOURCE Modine Manufacturing Company